Jiayin Announces Transaction Price for Equity Transfer
October 24 2019 - 08:30AM
Jiayin Group Inc. (“Jiayin” or “the Company”) (NASDAQ: JFIN), a
leading online individual finance marketplace in China, today
announced that the transaction price has been determined for the
previously announced transfer of all equity interests (the “Equity
Transfer”) of Shanghai Caiyin Asset Management Co., Ltd. (“Shanghai
Caiyin”) from Shanghai Jiayin Finance Services Co., Ltd (“Shanghai
Jiayin”) to Shenzhen Rongxinbao Non-Financial Guarantee Co., Ltd.
(“Shenzhen Rongxinbao”), an independent third-party guarantee
company under the equity transfer agreement (“Equity Transfer
Agreement”) entered into by and among Shanghai Niwodai Internet
Finance Information Service Co., Ltd. (“Niwodai Internet”), a
consolidated affiliated entity of the Company, Shenzhen Rongxinbao
and Shanghai Jiayin on September 16, 2019. For more information on
the Equity Transfer, see the Company’s press release furnished to
the SEC on Form 6-K, including relevant exhibits, dated September
16, 2019.
Under a settlement agreement (the “Settlement Agreement”)
entered into by Shenzhen Rongxinbao, Niwodai Internet and Shanghai
Jiayin on October 16, 2019, the total transaction price for the
Equity Transfer is up to RMB1,078.7 million (US$152.3
million), among which RMB372.1 million (US$52.6 million) is
contingent upon Shanghai Caiyin’s liability status in the period
proceeding December 31, 2022 and subject to certain adjustments.
The total transaction price was determined based on a valuation of
Shanghai Caiyin’s net liabilities by a third-party valuation
company as of August 31, 2019, minus Shanghai Caiyin’s payables to
Niwodai Internet as of the same date. Pursuant to the Settlement
Agreement, Niwodai Internet will pay all the transaction price for
the Equity Transfer to Shenzhen Rongxinbao. Part of the transaction
price to be paid by Niwodai Internet will be set off against
Niwodai Internet’s loan to Shanghai Caiyin incurred from September
1, 2019 to October 31, 2019. The rest of the transaction price will
be settled during future collaboration between Shenzhen Rongxinbao
and Niwodai Internet. If, upon termination of such
collaboration, any transaction price has not been fully settled, it
is subject to further negotiation among parties to the Settlement
Agreement.
About Jiayin Group Inc.
Jiayin Group Inc. is a leading online individual finance
marketplace in China committed to facilitating effective,
transparent, secure and fast connections between investors and
borrowers, whose needs are underserved by traditional financial
institutions. The origin of the business of the Company can be
traced back to 2011. The Company operates a highly secure and open
platform with a comprehensive risk management system and a
proprietary and effective risk assessment model which employs
advanced big data analytics and sophisticated algorithms to
accurately assess the risk profiles of potential borrowers.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars (“US$”) at specified rates solely for the
convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars are made at a rate of RMB7.0805 to
US$1.00, the exchange rate set forth in the H.10 statistical
release of the Board of Governors of the Federal Reserve System as
of October 18, 2019. The Company makes no representation that the
RMB or US$ amounts referred could be converted into US$ or RMB, as
the case may be, at any particular rate or at all.
Safe Harbor / Forward-Looking Statements
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as “will,” “expects,” “anticipates,” “future,” “intends,”
“plans,” “believes,” “estimates” and similar statements. The
Company may also make written or oral forward-looking statements in
its periodic reports to the SEC, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties and are based on current
expectations, assumptions, estimates and projections about the
Company and the industry. Potential risks and uncertainties
include, but are not limited to, those relating to the Company’s
ability to retain existing investors and borrowers and attract new
investors and borrowers in an effective and cost-efficient way, the
Company’s ability to increase the investment volume and loan
origination of loans volume facilitated through its marketplace,
effectiveness of the Company’s credit assessment model and risk
management system, PRC laws and regulations relating to the online
individual finance industry in China, general economic conditions
in China, and the Company’s ability to meet the standards necessary
to maintain listing of its ADSs on the Nasdaq Stock Market or other
stock exchange, including its ability to cure any non-compliance
with the continued listing criteria of the Nasdaq Stock Market. All
information provided in this press release is as of the date
hereof, and the Company undertakes no obligation to update any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by the Company
is included in the Company’s filings with the U.S. Securities and
Exchange Commission, including its registration statement on Form
F-1 filed in connection with its initial public offering.
For more information, please contact:
In China:
Jiayin GroupMs. Shelley BaiEmail:
ir@niwodai.com
or
The Blueshirt GroupMs. Susie WangEmail:
susie@blueshirtgroup.com
In the U.S.:
Ms. Julia QianEmail: julia@blueshirtgroup.com
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